Colliers International's Seattle Multifamily Team launches marketing of eight-building, 441-unit portfolio in Seattle's most desirable urban neighborhoods
SEATTLE – Colliers International’s Seattle Multifamily Team, led by Dylan Simon and Jerrid Anderson, launched marketing of Seattle’s rarest portfolio investment opportunity: the Footprint Portfolio.
The Footprint Portfolio offers investors the opportunity to acquire eight newly-built apartment buildings comprising 441 studio units, all located in Seattle’s most desirable urban neighborhoods. The rare composition of the portfolio prices average rental rates around $1,000 per unit – a discount of more than 50 percent to average rental rates in urban Seattle.
“Acquisition of the Footprint Portfolio will instantly propel the buyer to a dominant position in Seattle’s multifamily market, and provide stable returns, especially at a time when some are saying the city’s urban apartment inventory is becoming overbuilt,” Anderson affirmed, referencing recent headlines.
This economically-resilient portfolio provides the ability to consistently increase rental rates when other Seattle apartment buildings are competing at much higher price-points, cannibalizing rental-rate growth at the top end of the market. Accordingly, investor returns are boosted to levels akin to riskier value-add investments in secondary and tertiary markets. Portfolio cash-on-cash returns are projected in excess of 9.1 percent and the portfolio average IRRs are modeled at 16.5 percent.
“The offering of the Footprint Portfolio is one of the rarest and most coveted value-plays in the region in recent history,” noted Simon. “The supply of housing for cost-conscious renters in Seattle is far out of balance with demand, and with a forever-moratorium on this style of apartment development, the Footprint Portfolio will continue to outperform the market with no sunset in sight.”
Full marketing materials for the offering are available through listing brokers Dylan Simon and Jerrid Anderson, and on the Footprint Portfolio’s marketing website: www.BuyFootprintPortfolio.com. Touring commences immediately and offers to purchase the portfolio are expected in mid-August.
About Colliers International Group
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 12,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.
Colliers’ Seattle Multifamily Team is based in downtown Seattle and comprises seven highly-qualified real estate professionals specializing in brokerage of apartment investments in the Seattle and Puget Sound region. The team represents buyers and sellers of apartment buildings and development sites from five to 500 units. The Seattle Multifamily Team recently closed its 20th sale in the last 12 months, representing over $221 million in sales volume, and the Footprint Portfolio marks the team’s 20th listing of 2018 thus far.